The State Bank of Pakistan (SBP) recently revealed its plan to introduce a new series of currency notes within the next two years, incorporating international security features. While the typical timeframe for launching a new banknote series ranges from 2 to 3 years, the SBP aims to expedite the process and complete it within the next 24 months.
Importantly, the central bank emphasized that the existing currency notes will continue to circulate even after the introduction of the new series. Any decision regarding the withdrawal of the current series will be gradual and phased, occurring once the new banknotes are sufficiently distributed and accepted.
To infuse creativity and innovation into the new banknote designs, the SBP announced an art competition. This initiative invites local artists, designers, and art students to submit their design ideas by March 11, 2024. The competition seeks to gather “innovative and thematic design ideas” for all existing denominations. The top three designs for each denomination will be recognized, and cash prizes will be awarded.
Highlighting the significance of this move, the SBP explained that central banks typically introduce new banknote series every 15 to 20 years. This practice aims to enhance the integrity of banknotes and align them with the latest technological developments in design and security features. In this case, the central bank intends to modernize and secure the currency by initiating the process of designing and issuing a new series for all existing denominations.
The statement further outlines the meticulous planning and coordination required for the issuance of a new banknote series. After the art competition, selected designs will be shared with reputed professional banknote designers chosen through a competitive process. These designers will then develop the final printable designs for each denomination.
The last stage involves submitting the final designs to the federal government for approval. The entire process, from design conception to approval and issuance, involves multiple stakeholders and demands careful coordination. The SBP’s commitment to aligning its currency with international standards and embracing advancements in technology underscores its dedication to maintaining the integrity and security of the national currency.
The State Bank of Pakistan’s decision to introduce a new currency series reflects a proactive approach to currency management, combining artistic creativity with technological advancements to ensure the security and integrity of the nation’s banknotes for the years to come.
